Birchstone Brief for the week ended 20 May 2022

ATO Updates

ATO Guidance: Fuel tax credits

The ATO has updated PCG 2016/3 to clarify that its practical compliance method for non-business fuel tax credit claimants will only apply where a rate change occurs during a claim period solely because of indexation. The update also sets out how the ATO’s compliance method interacts with the 50% reduction in excise duty rates from 30 March 2022 to 28 September 2022 in accordance with the 2022-23 Federal Budget.

Class rulings

The ATO has issued the following class rulings:

  • CR 2022/43 – Class Ltd – Partial scrip for scrip roll-over;
  • CR 2022/44 – AVA Risk Group Ltd – Return of capital; and
  • CR 2022/45 – Class Ltd – Employee share scheme – Shares disposed of under scheme of arrangement.

Other News

Exchange rates for imported goods

The Comptroller-General of Customs has published the applicable exchange rates for the purposes of ascertaining the imported value of goods on specified dates pursuant to Div 2 of Pt VIII of the Customs Act 1901 (Cth).

Cases

Appeals

Burswood Nominees

The High Court has refused to grant the taxpayer special leave to appeal from the decision of the Full Federal Court in FCT v Burswood Nominees Ltd as trustee for the Burswood Property Trust [2021] FCA 151 (first covered in the Birchstone Brief for the week ended 27 August 2021).

Gosford Classic Car Museum

The taxpayer has appealed to the Full Federal Court against the decision of the Federal Court in Automotive Invest Pty Ltd v FCT (Gosford Classic Car Museum) [2022] FCA 281 (covered in the Birchstone Brief for the week ended 15 April).

Legislation

Land tax (Tas): Land tax threshold doubled

The Land Tax Rating Amendment Bill 2022 (Tas) which amends the Land Tax Rating Act 2000 (Tas) to:

  • double the threshold for the imposition of land tax from an assessed land value of $50,000 to $100,000;
  • increase the threshold for the imposition of the upper rate of land tax to $500,000; and
  • lower the tax rate for land valued between $100,000-$500,000 to 0.45%,

has received royal assent and is now law.
 
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